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Bitcoin (BTC/USD) Rebounds - Anticipate Resistance Under $7800

Bitcoin (BTC/USD) has been in a bearish trend since missing the $10,000 mark during the 5/5 session. It has been falling sharply and after almost tagging $7000, price rebounded during the 5/29 session.

BTC/USD 4H Chart

Resistance:

  • Price is rebounding from just above $7000, but as it approaches $7600, we should start to anticipate resistance.
  • I think we could still see price push to $7800, and even the $8000 mark. 
  • The whole $7600-$8000 area should be treated as resistance. 
  • A break above $8000 would be needed to change the current outlook, which is strongly bearish. Above $8000, we should anticipate a move to $8400, where we should look for resistance again. 
  • If price holds under $7800 for example, we still have downside to $7000. Below that, we can see price dip to the previous 2018 low, around $5900.

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